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The Quest for Higher Growth in the WAEMU Region

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  • Montfort Mlachila
  • Tidiane Kinda

Abstract

With the exception of Burkina Faso and Mali, the growth experience for WAEMU countries has been disappointing, even when compared to other sub-Saharan African (SSA) countries. The main objective of the paper is to investigate why the quest for a growth takeoff has been more elusive in the WAEMU countries compared to other SSA countries. To do this, the paper focuses on the determinants of growth accelerations and decelerations in SSA and the WAEMU. It finds that the variables most closely associated with growth accelerations and decelerations in SSA are changes in terms of trade, private investment, civil tension, real exchange rates, and inflation. Second, as found elsewhere in the literature, there is a certain asymmetry between accelerations and decelerations, in both frequency and determinants, and that the WAEMU region is quite different from the rest of SSA.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/174.

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Length: 15
Date of creation: 01 Jul 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/174

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Keywords: West African Economic and Monetary Union; Economic growth; Terms of trade; Real effective exchange rates; Private investment; inflation; monetary fund; macroeconomic stability; monetary union; effective exchange rates;

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References

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  1. Berg, Andrew & Ostry, Jonathan D. & Zettelmeyer, Jeromin, 2012. "What makes growth sustained?," Journal of Development Economics, Elsevier, Elsevier, vol. 98(2), pages 149-166.
  2. Azariadis, Costas & Stachurski, John, 2005. "Poverty Traps," Handbook of Economic Growth, Elsevier, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 5 Elsevier.
  3. Jean-Paul Azam, 2004. "Poverty and Growth in the WAEMU after the 1994 Devaluation," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 13(4), pages 536-562, December.
  4. Chris Papageorgiou & Andrew Berg & Catherine A. Pattillo & Nicola Spatafora, 2010. "The End of An Era? the Medium- and Long-Term Effects of the Global Crisison Growth in Low-Income Countries," IMF Working Papers 10/205, International Monetary Fund.
  5. Michael Grimm & Isabel Günther, 2005. "Growth and Poverty in Burkina Faso: A Reassessment of the Paradox," Discussion Papers of DIW Berlin 482, DIW Berlin, German Institute for Economic Research.
  6. Valerie Cerra & Sweta C. Saxena, 2005. "Growth Dynamics: The Myth of Economic Recovery," Macroeconomics, EconWPA 0508008, EconWPA.
  7. International Monetary Fund, 2009. "Spillovers From the Rest of the World Into Sub-Saharan African Countries," IMF Working Papers 09/155, International Monetary Fund.
  8. Hans Weisfeld & Manuela Goretti, 2008. "Trade in the WAEMU," IMF Working Papers 08/68, International Monetary Fund.
  9. Jorge Saba Arbache & John Page, 2010. "How Fragile Is Africa's Recent Growth?," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 19(1), pages 1-24, January.
  10. Gonzalo Salinas & Patrick A. Imam, 2008. "Explaining Episodes of Growth Accelerations, Decelerations, and Collapses in Western Africa," IMF Working Papers 08/287, International Monetary Fund.
  11. Olessia Korbut & Gonzalo Salinas & Cheikh A. Gueye, 2011. "Growth in Africa Under Peace and Market Reforms," IMF Working Papers 11/40, International Monetary Fund.
  12. Alan Gelb & Vijaya Ramachandran & Ginger Turner, 2007. "Stimulating Growth and Investment in Africa: From Macro to Micro Reforms," African Development Review, African Development Bank, African Development Bank, vol. 19(1), pages 26-51.
  13. Abebe Aemro Selassie, 2008. "Beyond Macroeconomic Stability," IMF Working Papers 08/231, International Monetary Fund.
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Cited by:
  1. Magazzino, Cosimo, 2013. "Revenue and expenditure nexus: A case study of ECOWAS," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 7(13), pages 1-27.
  2. Magazzino, Cosimo, 2012. "Revenue and expenditure nexus: A case study of ECOWAS," Economics Discussion Papers 2012-57, Kiel Institute for the World Economy.

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